Solved: In Exercises 5 and 6,match the matrix property with the correct form. and are

Chapter 14: Money, Banking, and Financial Institutions Functions of Money  Medium of Exchange o Used to buy/sell goods  Unit account o Goods valued in dollars  Store of Value o Hold some wealth in money form  Money Definition M1 o M1 (cash in your pocket)  Currency  Checkable deposits o M2  M1 plus near-monies  Savings deposits Federal Reserve – Banking System  Historical background (1912)  Different entities of Fed  Board of Governors  Appointed by the President and confirmed by the senate for 14 year non-renewable term  Headquartered in DC  7 governors, one of them is appointed as a chair  12 federal reserve